OPEC and its allies led by Russia meet on Saturday over plans to extend record oil production cuts and to push countries such as Iraq and Nigeria to comply better with existing curbs.
Nigeria’s oil minister said he expected a deal on an extension, which has the backing of Saudi Arabia and Russia, to be concluded in the video conference talks despite “reservations of one or two member countries,” which he did not name.
The alliance known as OPEC+ previously agreed to cut supply by a record 9.7 million barrels per day (bpd) during May-June to prop up prices that collapsed due to the coronavirus crisis. Cuts were due to taper to 7.7 million bpd from July to December.
OPEC+ sources have said Riyadh and Moscow agreed to extend existing record cuts throughout July, while they said Riyadh wanted a further extension to August and possibly even December.
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